British Foreign Exchange Company Joins the RippleNet Blockchain Network

British Foreign Exchange Company Joins the RippleNet Blockchain Network

Ripple has secured another impressive partnership, as Moneynetint, a UK-based e-money institution providing cross-border money transfers and currency exchange for corporate clients, has announced it has integrated RippleNet to use decentralized payments in their operations. Moneynetint has recently been signing numerous partnerships with fintech firms to make their corporate services more efficient by reducing costs and transaction times. The company has reportedly teamed up with two other network partners to process decentralized payments through RippleNet.

Speaking to Finance Magnates, Moneynetint CEO Yishay Trif has praised the Ripple technological solutions, claiming that, Ripple’s technology has a potential to revolutionize the entire payments industry. It holds an advantage over traditional technologies due to the fact that a single API can be used to connect to a number of companies, saving costs and time.

Another huge advantage is transaction as Trif noted that, “The speed of data transfer is amazing. A transaction can go through in an amazing pace. The processes of interfacing and approval between financial institutions, previously taking months or even years are now significantly reduced to a matter of days to a few weeks.“

Nadeem Ladki, Ripple‘s director of account management added that, “Their [Moneynetint] ability to now facilitate payouts in Israeli New Shekel – in addition to Euros – on behalf of other RippleNet members is another big step in expanding the overall network. By leveraging Ripple’s blockchain technology, Moneynetint will now be able to simplify and reduce the FX conversion rates for their customers, increase the speed of settlement and offer services to new markets that would otherwise have been too difficult or too costly to reach in the past.“

RippleNet blockchain is a cross-border payment network and is Ripple’s flagship product, already boasting more than 100 members worldwide. Any financial institution that is a member of the enterprise blockchain network can transfer money a lot faster and cheaper than using a current legacy SWIFT system. It is important to note that RippleNet does not use Ripple’s native XRP currency as a liquidity tool, as opposed to Ripple’s xRapid solution. xRapid was officially launched during Ripple’s Swell conference earlier this month and is used to process payments from the US to Mexico to Europe.

However, even though Moneynetint are excited about the prospects of the new blockchain, they are still wary of digital currencies, as, according to Trif, “We see DLT as a game changer for the payments technology. That’s why we wanted to be among the first to implement it. But when it comes to cryptocurrencies, we have a long way to go in terms of regulations and implementation. That’s why we don’t use cryptocurrency payments.“

There are rumours that Ripple is considering a partnership with SWIFT itself. While this is yet to be confirmed, if the rumours are true, an announcement is expected at SWIFT SIBOS conference in Australia later this month.

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